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U.S. markets recover from steep losses
DEARBORN, Mich., Feb. 27 (UPI) -- Ford Motor Co. said it expected February sales figures 40 percent below February 2008 because of crumbling consumer confidence.
Ford's sales analyst George Pipas said massive layoffs are partly to blame for the lack of consumer confidence, the Detroit Free Press reported Friday.
Pipas also said Ford's market share fell for the first time in five months. "We had four months in which our share of the retail market was 13 percent or higher," he said.
A decline in pickup truck sales and a comparative decline in incentive spending undermined the company's market share, Pipas said. In addition, the U.S. automaker's strong showing a year ago will skew this February's figures, he said.
In a closely watched figure, annual sales projections based on one month's figures put vehicle sales at 15.6 million-a-year last February. Annualized sales figures for 2009 based on February's sales will be about 9 million vehicles per year, Pipas said.
"This could be the toughest monthly comparison for the industry this year," he told the Free Press.
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